Toledo - Cashflow from the world's 3rd largest Nickel Resource

Personally I am not that interested in trying to fathom the reason for short term price movements, but I believe essentially that MMs seek to set a price which in the medium term balances supply and demand, whilst making money by selling shares for more than they buy them.

In TMCs case they was clearly some speculative buying ahead of the PCSD approval by traders hoping to make a quick turn when the news was announced. However if the MMS didn't see much buying after the announcement, they might drop the price knowing they would panic the traders and get back all those shares at a lower price (and thus end up in profit). Once the traders were out the price would re-establish its equilibrium position. That is what we are now seeing. It confirms my suspicion that traders basically, as a whole, lose money (although helpfully provide liquidity).

Who knows!